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Keyword: oil

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  • Saudi Finance Minister: “I Wouldn't Care If The Oil Price Is Zero"

    05/24/2017 8:40:19 AM PDT · by bananaman22 · 20 replies
    Oilprice.com ^ | 24-05-2017 | Haley
    While Saudi Arabia’s economy is currently suffering from an 18-month decline in oil prices and soaring unemployment rates, they are planning for a future in which they won’t have to worry about the price of oil at all. Speaking of the plans outlined in Vision 2030, Saudi finance minister Mohammed Al Jadaan told CNN, "We will not really care much whether the price is 40, 45, 50, 55 at that time because we have gone significantly out of our way to be independent of the oil price...We are planning to totally [end] that dependency that we have been living for...
  • Saudis Own The Largest Refinery In The U.S. – Now What?

    05/14/2017 6:51:31 PM PDT · by Lorianne · 9 replies
    Port Arthur, TX is home to the U.S. refining fleet’s crown jewel. With an atmospheric distillation capacity of 603 MBbl/cd, this complex coking refinery is the largest refinery in the U.S. As of May 1st, this marvel of a complex refinery is now 100 percent owned by Saudi Aramco. Saudi Aramco upped its 50 percent ownership in the Port Arthur refinery, which it previously held through the Motiva Enterprises JV with partner Royal Dutch Shell following the decision to disband the JV in early 2016. Along with the giant refinery, Saudi Aramco also acquired ownership of a number of distribution...
  • Senate rejects repeal of Obama drilling rule

    05/10/2017 8:52:23 AM PDT · by ColdOne · 77 replies
    thehill.com ^ | 5/10/17 | Timothy Cama
    Three Republicans joined Senate Democrats on Wednesday to reject an effort to overturn an Obama administration rule limiting methane emissions from oil and natural gas drilling. Only 49 senators voted to move forward with debate on legislation to undo the Bureau of Land Management (BLM) rule, short of the 51 votes needed. Sens. Lindsey Graham (R-S.C.), Susan Collins (R-Maine) and John McCain (R-Ariz.) joined all 48 members of the Democratic caucus in rejecting the resolution under the Congressional Review Act (CRA). Graham and Collins had previously publicized their plans to vote against the legislation. But McCain’s vote came as a...
  • Production Cuts vs Innovation – Why OPEC Has Lost The Oil Price War

    05/10/2017 8:38:29 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 09-05-2017 | Peter
    OPEC and its cartel of friends must be sweating condensates in advance of their May 25th meeting. The oil price war, triggered almost three years ago, is far from over. Calling a truce with production cuts has been an ineffective strategy. In fact, it’s been a feeble strategy and nobody in the business should rely on its extension to be effective. Price wars are often triggered by the arrival of a new entrant into an entrenched market clique. American light tight oil began flowing into petroleum supply chains in 2010. By 2014, output from plays like the Bakken, Eagle Ford...
  • Federal gas tax increase - - please!

    05/09/2017 6:24:18 AM PDT · by finnsheep · 82 replies
    vanity | 5/9/2017 | finnsheep
    If there were ever a time to increase the gas tax it would be NOW! A tax bill is in the works. The Democrats want it "paid for." Oil price is way down and not likelihood of an increase soon. High tech improvements to oil discovery and production have drastically reduced oil prices. I am happy to pay more for a gas tax that would improve road and bridge infrastructure. PA increased the gas tax and nobody fussed much. A federal gas tax hike is long overdue and Democrats would vote for it!
  • [N. Korea] U.S. sanctions bill may lead China to review oil embargo to N.K.: experts

    05/05/2017 4:02:28 PM PDT · by TigerLikesRooster · 19 replies
    Yonhap News ^ | 2017/05/05
    U.S. sanctions bill may lead China to review oil embargo to N.K.: experts SEOUL, May 5 (Yonhap) -- The United States' latest drive to tighten sanctions against North Korea, heaps pressure on China to consider whether to use its last-resort punitive action, namely an oil embargo, to rein in the unruly ally, experts said Friday. The U.S. House of Representatives overwhelmingly passed the legislation on Thursday which authorizes sanctions on those providing North Korea with crude oil and other related products. It also requires the U.S. government to determine whether the North is a state sponsor of terrorism. The bill...
  • Discovery from IBM could enable more efficient oil extraction from existing wells

    05/04/2017 2:16:57 PM PDT · by Red Badger · 11 replies
    phys.org ^ | May 4, 2017 | by Chris Nay
    IBM scientists recently discovered that a drop of oil doesn't look like a drop at all if it is small, to the scale of one billionth of a billionth of a liter, or attoliter. Rather, a nanoscale oil droplet looks more like a flat film against a solid surface. This discovery reveals that the simulation tools and techniques commonly employed by the oil industry do not take into account the increased energy required to extract these oil molecules. And it results in 60 percent or more of a well's oil being left behind, for example, in the nanoscale capillaries of...
  • Oil Prices Crash To Pre-OPEC Deal Levels

    05/04/2017 9:09:00 AM PDT · by bananaman22 · 31 replies
    Oilprice.com ^ | 04-05-2017 | Para
    Oil prices dropped on Thursday to their lowest level since last November, with Brent breaking below $50, amid concerns of rising global supply and still high inventories. At 11:22am EDT, WTI Crude was trading down 2.82 percent at $46.47, while Brent was down 2.62 percent at $49.46 -- with both WTI and Brent having effectively wiped out all the price gains since OPEC announced on 30 November 2016 the output cut deal aimed at reducing oversupply and propping up prices. On Wednesday, a day after the American Petroleum Institute (API) injected a bit of optimism among traders by reporting a...
  • Trump Opens Doors on Oil Exploration, but Deeper Reforms Still Needed

    05/03/2017 8:56:11 PM PDT · by Tolerance Sucks Rocks · 11 replies
    The Daily Signal ^ | April 28, 2017 | Nicolas Loris
    In another move to free up domestic energy supplies, President Donald Trump signed an executive order Friday aimed at lifting the Obama administration’s offshore drilling restrictions.For decades, bad policies have blocked access to America’s abundance of domestic resources, yet America has still managed to be a global energy leader. Trump’s executive order, “Implementing an America-First Offshore Energy Strategy,” could unleash further success in the energy sector.The economic potential sitting just off America’s coasts is enormous. The Outer Continental Shelf is awash with natural resources, containing an estimated 86 billion barrels of oil and 420 trillion cubic feet of natural gas.Realizing...
  • Saudis complete takeover of largest US refinery

    05/02/2017 1:41:33 PM PDT · by huldah1776 · 29 replies
    Washington Examiner ^ | May 1, 2017 | John Siciliano
    The Saudi national oil company Aramco took full ownership Monday of the largest U.S. oil refinery in the country at Port Arthur, Texas. Aramco and Shell founded the 50-50 joint venture called Motiva over two decades ago to build and operate the giant refinery, and had been in intense talks about dissolving the venture since last year. The deal was completed Monday with Aramco taking full ownership of the refinery, considered the crown jewel of the Gulf Coast, through its wholly-owned subsidiary Saudi Refining.
  • U.S. Supreme Court sides with Venezuela over oil rigs claim

    05/01/2017 9:06:41 AM PDT · by Oldeconomybuyer · 7 replies
    Reuters ^ | May 1, 2017 | by Lawrence Hurley
    The U.S. Supreme Court on Monday ruled against an American oil drilling company that claimed Venezuela unlawfully seized 11 drilling rigs in 2010. Siding with Venezuela, the justices ruled 8-0, with Justice Neil Gorsuch not participating, to throw out a 2015 decision by the U.S. Court of Appeals for the District of Columbia Circuit.
  • Letter endorsing anti-fracking violence penned by author of ballot issue to hike oil-and-gas tax

    04/29/2017 2:56:29 PM PDT · by george76 · 25 replies
    Colorado Politics ^ | Apr. 25, 2017 | Dan Njegomir
    Boulder - Remember that unsuccessful attempt in the legislature to toughen penalties for vandalizing oil and gas equipment? Child’s play. It turns out the author of a letter to the editor in Boulder’s Daily Camera that got a national media mention last week — for appearing to endorse outright violence against fracking operations — is the author of a pending statewide ballot issue to hike Colorado’s severance tax on oil and gas production. Reached by phone today, Andrew O’Connor, of Lafayette, unapologetically reiterated his hardline stance ... “I wouldn’t have a problem with a sniper shooting one of the workers”...
  • Sarah Palin Trump ‘Makes America Great Again’ by Lifting Obama’s Anti-American Offshore Drilling Ban

    04/29/2017 7:27:07 AM PDT · by KC_Lion · 5 replies
    Breitbart ^ | April 28th, 2017 | Sean Moran
    Former Alaska governor and Republican vice presidential candidate Sarah Palin told Breitbart News that she welcomes President Trump’s executive order aimed at lifting the ban on offshore drilling for oil and gas in the Arctic and Atlantic areas. Governor Palin said, “Quashing Obama’s anti-American energy plan makes America great again. We’ve been working for years to remind people that our exceptional nation came to be by developing our God-given natural resources and by expecting reward for an unsurpassed work ethic. We capture that again when we drill, baby, drill!” Trump’s executive order directs the U.S. Department of the Interior to...
  • Newest Trump order targets Obama’s marine sanctuaries for possible oil drilling

    04/28/2017 4:14:36 PM PDT · by Innovative · 4 replies
    Miami Herald ^ | Apr. 28, 2017 | Stuart Leavenworth
    The executive order President Donald Trump signed Friday could ease offshore oil drilling in the Arctic and Atlantic oceans and possibly lead to oil exploration in new marine sanctuaries, including some off the California and Florida coasts. “We are opening it up,” said Trump, referring to the administration’s plan to allow oil exploration in the Arctic Ocean, which President Barack Obama had declared off limits. Trump’s order, known as the America-First Offshore Energy Strategy, directs the Interior Department to review the current five-year oil exploration plan on the Outer Continental Shelf as well as the permitting process for development of...
  • Trump order could open California coast, Arctic to new oil and gas drilling

    04/27/2017 8:43:05 PM PDT · by Innovative · 37 replies
    LATimes ^ | Apr. 27, 2017 | William Yardley and Chris Megerian
    President Trump on Friday is expected to sign an executive order that could open large parts of the Pacific, Arctic and Atlantic oceans to new oil and gas drilling, a prospect that elicited a fierce backlash in California and elsewhere even before details of the order were clear. The move, which is certain to face legal and political challenges, could undo a plan finalized late in President Obama’s second term that sought to limit fossil fuel development and fight climate change by not including new drilling leases off the coast of California or Alaska during the current five-year federal offshore...
  • Trump to sign executive order that could expand offshore energy development

    04/27/2017 6:57:51 PM PDT · by 2ndDivisionVet · 8 replies
    CNBC ^ | April 27, 2017 | Tom DiChristopher
    •President Donald Trump will instruct the Interior Department to revise the Obama administration's five-year plan for developing federal waters. •His executive order will tell the Commerce Department to refrain from naming or expanding marine sanctuaries and review existing ones. •Trump will seek to overturn President Barack Obama's effort to indefinitely put much of U.S. Arctic waters and part of the Atlantic off limits to drillers. President Donald Trump on Friday will instruct his cabinet officials to take actions that will potentially open new areas of federally administered waters to energy development. The actions, to be spelled out in a new...
  • The Daily Camera’s Fatuous, Failed Backpedal

    04/25/2017 7:54:52 AM PDT · by smashtheleft · 1 replies
    Insurgent Tribe ^ | 4/25/17 | Shawn Mitchell
    Yesterday, Monday, I took the Boulder Daily Camera to task for an indefensible letter it published last Wednesday, April 19 that unambiguously incited violence against oil and gas workers. A day later on the 20th, without retraction or apology, the Camera had modified the letter, but grossly inadequately. The letter still plainly supported violence against person and property. A friend later alerted me that a day before, on Sunday, April 23, the Camera’s editorial editor, Dave Krieger had penned a “full scale mea culpa.” Intrigued, I clicked to the Camera to see what this apology might say, and whether the...
  • Senators Warn Mnuchin of National Security Implications of Russia CITGO Takeover

    04/11/2017 11:46:55 AM PDT · by RightGeek · 16 replies
    PJ Media ^ | 4/11/2017 | Bridget Johnson
    Senators are alarmed about the national security implications of Russia acquiring a significant ownership share in an oil company whose terminals span 20 states across the nation. In a letter to Treasury Secretary Steve Mnuchin, who is chairman of the inter-agency Committee on Foreign Investment in the United States, Sens. Bob Menendez (D-N.J.), Marco Rubio (R-Fla.), John Cornyn (R-Texas), Dick Durbin (D-Ill.), Bill Cassidy (R-La.) and Ted Cruz (R-Texas) say he needs to be prepared to protect U.S. energy infrastructure should Rosneft carry through with seizing control of CITGO Petroleum Corporation’s Venezuelan parent company, state-owned Petroleos de Venezuela S.A. Oil...
  • The richest county in the country has moved far from Washington DC

    04/24/2017 1:00:56 PM PDT · by SeekAndFind · 40 replies
    Hotair ^ | 04/24/2017 | Jazz Shaw
    Where is the richest county in the nation in terms of average gross income? For a long time now if you’d have guessed one of the collar counties around the nation’s capitol you’d have been correct. You’d also likely be forgiven for suggesting one of the bedroom communities around the Big Apple in Connecticut and New York. They’re traditional magnets for money. But according to Time Magazine, the latest figures show that wealth has begun to aggregate somewhere new and it’s far, far to the west. One county in Texas is now at the top of the heap and...
  • Oil slumps as surprise gasoline build raises supply worries

    04/20/2017 10:26:58 AM PDT · by Berlin_Freeper · 36 replies
    cnbc.com ^ | April 19, 2017 | Reuters
    Oil slumped to a two-week low on Wednesday, after U.S. data showed a smaller-than-expected drop in overall crude stocks and a surprising build in gasoline inventories, which raised worries about excessively high global supply. U.S. crude futures settled down $1.97 to $50.44 a barrel, a 3.8 percent drop, the worst-one day decline since March 8, as investors bailed out of long positions in response to the bearish inventory figures.